Need Advise: First Time Buyer - a total newbie, confused and wanting to buy a property

AdrianC

Bucki said:
but as I said, I am fixated on this property.

Forget about this property.
They have had four asking price offers.
You do not even have AiP yet.

It. Has. Sold.
You. Cannot. Afford. It.

Bucki

AdrianC said:

Bucki said:
but as I said, I am fixated on this property.

Forget about this property.
They have had four asking price offers.
You do not even have AiP yet.

It. Has. Sold.
You. Cannot. Afford. It.

Why you guys jump to conclusions.
I came here to gather advise and not demotivate.

I spoke to the vendor and met them few times.
They agreed to wait for me until Wednesday for my AiP and Offer.

Anway, cheers.
I will get over this as soon as I speak to a broker tomorrow

FTB_Help

Bucki said:

AdrianC said:

Bucki said:
but as I said, I am fixated on this property.

Forget about this property.
They have had four asking price offers.
You do not even have AiP yet.

It. Has. Sold.
You. Cannot. Afford. It.

Why you guys jump to conclusions.
I came here to gather advise and not demotivate.

I spoke to the vendor and met them few times.
They agreed to wait for me until Wednesday for my AiP and Offer.

Anway, cheers.
I will get over this as soon as I speak to a broker tomorrow

You have been given some great advice here, but you choose to ignore the ones that don't suit you and clinging on to something out of your budget.

As another poster has mentioned, guilt tripping family/ friends into lending you cash is not the way to go, you shouldn't look at your friend who owns successful businesses as a walking free ATM.

Even if they do loan you cash, how/when do you expect to pay them back, whilst paying mortgage, bills and childcare, if i was your friend that would be my first thought.

Count yourself lucky that your parents are gifting you 30k, not many people have that kind of help.

Definitely post on the ask me anything im a broker thread, you may approach them for service directly, but can't approach you.

https://forums.moneysavingexpert.com/categories/mortgages-endowments

Annisele

Bucki said:

I spoke to the vendor and met them few times.
They agreed to wait for me until Wednesday for my AiP and Offer.

That would make me worry the house was overpriced!

If they really do have three or four other offers which they haven't accepted yet, I suspect one of the following is true:

• They like you and want to give you a chance. (I suspect it's unlikely they'd act to their detriment no matter how much they liked you, but it's possible).
• None of the other buyers are proceedable - they have a house to sell, something like that. (It doesn't look as though you're proceedable either, in that you're wanting to borrow more than you're likely to get, but I note you have plans for that).
• Something has happened to make the other buyers withdraw their offer - the house is unmortgageable due to non-standard construction, there's a motorway due to be built in the back yard, there's Japanese knotweed everywhere.
  
• The other people haven't offered full asking price. I suspect that's the most likely explanation. And if the others haven't offered asking price, maybe the asking price is too high - and in that case your mortgage lender won't want to lend you enough to meet full asking price.
  

MaryNB

Unless your offer is £195k you're just wasting the seller's time and that's unfair on them. You said you have an AIP from L&C in your first post. What does it say?

Nobody is saying it to be mean, you are not accepting realty. You're not even a few thousand off the asking, you are over £40k off. To get over 6x salary is impossible. Not improbable - impossible. To get 5x salary is usually only possible for people with much higher salaries. You  are looking at 4.5x. I have no idea how you will make another £45k appear in the next few months. 

Once again, you do not need this house. You said yourself there are other in your price range, you just have to sacrifice something - like almost every other buyer.

Crashy_Time

Sounds like the house is overpriced (very little surprise there really?) and that you are stretching beyond your means during an obviously crazy property bubble with the backdrop of the worst economic conditions in living memory (very bad combination IMO) Are you prepared to lose money if you have to sell? Are you prepared for sudden and sizeable mortgage rate rises?

Tiglet2

Were you previously known by the name of danlightbulb?

SDLT_Geek

Tiglet2 said:

Were you previously known by the name of danlightbulb?

I can see the similarities too!

Bucki

Guys, don't think is a good reason to call me "danlightbulk" and start taking the mick.

If you read my first post, I said I am new to this and looking for first buy.

I took all your advise and slowly has made me take a step back and admit that I was over-stretching too much.

I guess I was just imagining how great it would be and was prepared to sacrifise myself / my saving etc. etc.

Being totally new to this, is not as easy to understand the whole implications behind a mortgage.

hazyjo

SDLT_Geek said:

Tiglet2 said:

Were you previously known by the name of danlightbulb?

I can see the similarities too!

Also wondered, seemed very familiar, but forgot the name.